Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 7, 2024

SIGA TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-23047	13-3864870
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. employer identification no.)

31 East 62nd Street New York, New York		10065
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: [phone]

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
common stock, $.0001 par value	SIGA	The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02

Results of Operations and Financial Condition.

On November 7, 2024, SIGA Technologies, Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the quarter ended September 30, 2024.

 

Pursuant to General Instruction B.2 of Form 8-K, the information contained in, or incorporated into, this Item 2.02, including the Press Release, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

 

The full text of the Press Release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits.

 

(d) The following exhibits are included in this report:

Exhibit No.		Description
99.1		Earning Press Release issued on November 7, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SIGA TECHNOLOGIES, INC.
	By:	/s/ Daniel J. Luckshire
	Name:	Daniel J. Luckshire
	Title:	Chief Financial Officer
Date: November 7, 2024

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Exhibit 99.1

SIGA Reports Financial Results for Three and Nine

Months Ended September 30, 2024

•	Product Revenues for the Three and Nine months Ended September 30, 2024 were $9 million and $53 million, respectively

•	Received $122 Million of Procurement Orders from the U.S. Government in the Third Quarter

•	Corporate Update Conference Call Today at 4:30 PM ET

 

NEW YORK -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company, today reported financial results for the three and nine months ended September 30, 2024.

 

“Building on strong momentum, SIGA received $122 million in orders during the third quarter, including a significant $112.5 million order for oral TPOXX under the 19C BARDA contract and a $9 million order for oral TPOXX from the U.S. Department of Defense,” said Diem Nguyen, Chief Executive Officer. “As of September 30, 2024, the Company had approximately $146 million of outstanding procurement orders, positioning the Company for substantial revenue in the fourth quarter and 2025.  Deliveries related to the $112.5 million order began in late September and continued into October.  We remain committed to diversifying and expanding our revenue base, enhancing shareholder value, advancing our development programs, and continuing our public health mission, while preparing to negotiate the next contract with the U.S. Government.”

Summary Financial Results

($ in millions, except per share amounts)		Three Months Ended September 30								Nine Months Ended September 30
		2024				2023				2024				2023
Product sales(1)		$	8.9			$	8.0			$	53.5			$	14.9
Total revenues		$	10.0			$	9.2			$	57.3			$	23.4
Operating income (loss)(2)		$	0.5			$	(1.3	)		$	12.9			$	(8.1	)
Income (loss) before income taxes(2)		$	1.9			$	(0.4	)		$	17.5			$	(5.1	)
Net income (loss)		$	1.3			$	(0.4	)		$	13.5			$	(4.2	)
Diluted income (loss) per share		$	0.02			$	(0.01	)		$	0.19			$	(0.06	)

(1)	Includes supportive services related to product sales.

 

(2)	Operating income (loss) excludes, and income (loss) before income taxes includes other income. Both line items exclude the impact of income taxes.

 

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Recent Developments:

 

•

In October 2024, the Company announced that it obtained an exclusive license to a portfolio of preclinical fully human monoclonal antibodies (mAbs) from Vanderbilt University that have the potential to treat a broad range of orthopoxviruses, including smallpox and mpox.  Under the agreement, SIGA has exclusive rights to develop, manufacture, and commercialize these mAbs globally. The U.S. Department of Defense is currently funding the development of these mAbs as potential orthopoxvirus treatments through Phase 1 clinical trials under a contract awarded to a contract manufacturing organization with proven biologics development and manufacturing expertise.

 

•	In October 2024, the Company announced its first sale of TPOXX (tecovirimat) in Africa, made in response to a request from the Ministry of Health in Morocco.  This milestone sale occurred during the third quarter.

 

•	In August 2024, the Company received a procurement contract and related order from the U.S. Department of Defense for approximately $9 million of oral TPOXX, as well as a small amount of IV TPOXX.

 

•

In August 2024, the Company reported that the National Institutes of Health’s (NIH) National Institute of Allergy and Infectious Diseases (NIAID) announced topline results from a preliminary analysis of the PALM 007 (Tecovirimat for Treatment of Monkeypox Virus) clinical trial (NCT05559099). NIAID reported that the study did not meet its primary endpoint of a statistically significant improvement in time to lesion resolution within 28 days post-randomization for patients in the Democratic Republic of the Congo with mpox who were administered tecovirimat versus placebo. Improvement was observed, however, in patients receiving tecovirimat whose symptoms began seven days or fewer before randomization and in those with severe or grave disease, defined by the World Health Organization as having 100 or more skin lesions. The Company believes these data are consistent to tecovirimat’s mechanism of action and support further trials to assess its potential benefit in post exposure prophylactic settings, or in patients who present for medical care soon after symptoms, and in those with the most severe disease.

 

•	In July 2024, the Company received a procurement order for $112.5 million of oral TPOXX from the U.S. Government under the 19C BARDA contract, for delivery to the U.S. Strategic National Stockpile (SNS).

 

Capital Management Activity:

 

On April 11, 2024, a special cash dividend of $0.60 per share was paid, an increase of $0.15 per share from last year’s special cash dividend.  This dividend was declared on March 12, 2024.

 

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Conference Call and Webcast

 

SIGA will host a conference call and webcast to provide a business update today, Thursday, November 7, 2024, at 4:30 P.M. ET.

 

Participants may access the call by dialing 1-800-717-1738 for domestic callers or 1-646-307-1865 for international callers. A live webcast of the call will also be available on the Company's website at www.siga.com in the Investor Relations section of the website, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.

 

A replay of the call will be available for two weeks by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers and using Conference ID: 1146096. The archived webcast will be available in the Investor Relations section of the Company's website.

 

ABOUT SIGA

 

SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world’s most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. Our flagship product, TPOXX® (tecovirimat), is an antiviral medicine approved in the U.S. and Canada for the treatment of smallpox and authorized in Europe and the UK for the treatment of smallpox, mpox (monkeypox), cowpox, and vaccinia complications. For more information about SIGA, visit www.siga.com.

 

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FORWARD-LOOKING STATEMENTS

 

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to SIGA’s future business development and plans including with respect to securing new contracts and the timing of delivery of ordered oral TPOXX courses. Forward-looking statements include statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “seek,” “anticipate,” “could,” “should,” “target,” “goal,” “potential” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. SIGA’s actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond SIGA’s control, including, but not limited to, (i) the risk that BARDA elects, in its sole discretion as permitted under the 75A50118C00019 BARDA Contract (the “BARDA Contract”), not to exercise the remaining unexercised option under the BARDA Contract, (ii) the risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (iii) the risk that the BARDA Contract or U.S. Department of Defense contracts are modified or canceled at the request or requirement of, or SIGA is not able to enter into new contracts to supply TPOXX to, the U.S. Government, (iv) the risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX internationally, (v) the risk that potential products, including potential alternative uses or formulations of TPOXX that appear promising to SIGA or its collaborators, cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (vi) the risk that target timing for deliveries of product to customers, and the recognition of related revenues, are delayed or adversely impacted by the actions, or inaction, of contract manufacturing organizations, or other vendors, within the supply chain, or due to coordination activities between the customer and supply chain vendors, (vii) the risk that SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market these or other potential products or uses, (viii) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including intellectual property protection, (ix) the risk that any challenge to SIGA’s patent and other property rights, if adversely determined, could affect SIGA’s business and, even if determined favorably, could be costly, (x) the risk that regulatory requirements applicable to SIGA’s products may result in the need for further or additional testing or documentation that will delay or prevent SIGA from seeking or obtaining needed approvals to market these products, (xi) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA’s efforts to develop or market its products, (xii) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or may affect its products adversely, (xiii) the effect of federal, state, and foreign regulation, including drug regulation and international trade regulation, on SIGA’s businesses, (xiv) the risk of disruptions to SIGA’s supply chain for the manufacture of TPOXX®, causing delays in SIGA’s research and development activities, causing delays or the re-allocation of funding in connection with SIGA’s government contracts, or diverting the attention of government staff overseeing SIGA’s government contracts, (xv) risks associated with actions or uncertainties surrounding the debt ceiling, (xvi) the risk that the U.S. or foreign governments' responses (including inaction) to national or global economic conditions or infectious diseases, are ineffective and may adversely affect SIGA’s business, and (xvii) risks associated with responding to an mpox outbreak, as well as the risks and uncertainties included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 and SIGA's subsequent filings with the Securities and Exchange Commission. SIGA urges investors and security holders to read those documents free of charge at the SEC's website at http://www.sec.gov. All such forward-looking statements are current only as of the date on which such statements were made. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

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Contacts:

Suzanne Harnett

[e-mail]

and

 

Investors	Media
Jennifer Drew-Bear, Edison Group	Holly Stevens, Berry & Company
[e-mail]	[e-mail]

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SIGA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of

		September 30, 2024				December 31, 2023
ASSETS
Current assets
Cash and cash equivalents		$	99,269,756			$	150,145,844
Accounts receivable			12,089,010				21,130,951
Inventory			62,024,473				64,218,337
Prepaid expenses and other current assets			7,302,979				3,496,028
Total current assets			180,686,218				238,991,160
Property, plant and equipment, net			1,411,315				1,331,708
Deferred tax asset, net			12,104,765				11,048,118
Goodwill			898,334				898,334
Other assets			253,605				2,083,535
Total assets		$	195,354,237			$	254,352,855
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	1,260,762			$	1,456,316
Accrued expenses and other current liabilities			7,184,514				10,181,810
Deferred IV TPOXX® revenue			13,729,440				20,788,720
Income tax payable			127,815				21,690,899
Total current liabilities			22,302,531				54,117,745
Other liabilities			3,609,572				3,376,203
Total liabilities			25,912,103				57,493,948
Commitments and contingencies
Stockholders’ equity
Common stock ($.0001 par value, 600,000,000 shares authorized, 71,369,274 and 71,091,616, issued and outstanding at September 30, 2024 and December 31, 2023, respectively)			7,137				7,109
Additional paid-in capital			238,033,324				235,795,420
Accumulated deficit			(68,598,327	)			(38,943,622	)
Total stockholders’ equity			169,442,134				196,858,907
Total liabilities and stockholders’ equity		$	195,354,237			$	254,352,855

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SIGA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

INCOME/(LOSS) (UNAUDITED)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Revenues
Product sales and supportive services		$	8,942,875			$	7,958,289			$	53,496,869			$	14,924,058
Research and development			1,066,906				1,276,882				3,753,658				8,512,303
Total revenues			10,009,781				9,235,171				57,250,527				23,436,361
Operating expenses
Cost of sales and supportive services			1,620,510				896,537				17,157,508				3,021,145
Selling, general and administrative			4,822,591				5,999,761				18,228,786				14,660,828
Research and development			3,024,593				3,648,117				8,966,905				13,810,307
Total operating expenses			9,467,694				10,544,415				44,353,199				31,492,280
Operating income/(loss)			542,087				(1,309,244	)			12,897,328				(8,055,919	)
Other income, net			1,330,505				883,148				4,590,935				2,964,482
Income/(Loss) before income taxes			1,872,592				(426,096	)			17,488,263				(5,091,437	)
(Provision)/Benefit for income taxes			(528,647	)			33,030				(4,034,362	)			904,638
Net and comprehensive income/(loss)		$	1,343,945			$	(393,066	)		$	13,453,901			$	(4,186,799	)
Basic income/(loss) per share		$	0.02			$	(0.01	)		$	0.19			$	(0.06	)
Diluted income/(loss) per share		$	0.02			$	(0.01	)		$	0.19			$	(0.06	)
Weighted average shares outstanding: basic			71,368,585				71,084,735				71,191,019				71,453,397
Weighted average shares outstanding: diluted			71,766,503				71,084,735				71,853,341				71,453,397

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Document and Entity Information	Nov. 07, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 07, 2024
Entity File Number	0-23047
Entity Registrant Name	SIGA TECHNOLOGIES, INC.
Entity Central Index Key	0001010086
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3864870
Entity Address, Address Line One	31 East 62nd Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10065
City Area Code	212
Local Phone Number	672-9100
Title of 12(b) Security	common stock, $.0001 par value
Trading Symbol	SIGA
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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